(Yicai Global) Aug. 31 -- The Asian Infrastructure Investment Bank has passed a EUR70 million (USD82.6 million) loan to help Turkey bolster its fight against Covid-19.

The project is funded by the AIIB Covid-19 Crisis Recovery Facility co-financed by the European Bank for Reconstruction and Development, per a statement the Beijing-based multilateral development bank released today. The loan will beef up Turkey's public hospital infrastructure , supply critical hospital equipment and fill a funding shortfall in its emergency health program.

This is AIIB's second CRF project to Turkey, following the USD500 million sovereign guaranteed credit lines approved in July to two domestic development banks. The AIIB has approved a total of 21 projects amounting to over USD6.34 billion to help 15 members under the CRF.

Editor: Ben Armour